Completing a process that began nearly a year ago, TIAA announced Monday that it finalized its acquisition of EverBank Financial Corp. and its wholly owned subsidiary EverBank, a nationwide consumer and commercial bank with $27.8 billion in total assets and $19.3 billion in total deposits.
At the time, the company said that EverBank stockholders will receive $19.50 per share in cash, or an approximate total of $2.5 billion, as part of the deal.
For TIAA, the company said that the acquisition “significantly expands” its existing retail banking and lending products and complements the company’s full suite of retirement, investment and advisory services.
“For nearly a century, TIAA has helped to provide financial well-being for millions of customers,” said Roger Ferguson, Jr., president and chief executive officer of TIAA. “Our strategic investment in EverBank is squarely in keeping with that mission, and enables us to diversify, innovate and expand our business to meet the financial needs of our customers in a comprehensive way for generations to come.”
According to TIAA, the new, combined bank’s legal entity name will be TIAA, FSB, but the bank will continue to use the TIAA Direct and EverBank brands for the time being.
The combined bank will be headquartered in Jacksonville, and TIAA said that it plans to continue to expand its digital capabilities for banking customers.
Additionally, the company also announced several management changes in coordination with the completion of the acquisition.
The company said that Blake Wilson, who served as EverBank’s president and chief operating officer, will now serve as president and chief executive officer of TIAA, FSB.
Robert Clements, who served as EverBank Financial Corp’s chairman of the board and chief executive officer, retired from the company upon the completion of the acquisition.
Kathie Andrade will continue to serve in her role as chief executive officer of TIAA’s Retail Financial Services business. Andrade also will now serve as chairman of the board of the new bank, TIAA, FSB.
“EverBank was created to be a different type of bank – a nationwide financial services firm dedicated to working closely with our clients to help them pursue their unique long-term financial goals by truly understanding their personal definition of success,” Wilson said of the deal. “We know that our approach to banking – our commitment to service, performance and innovation – is a perfect fit with TIAA’s full suite of products and services, and we’re thrilled to have the opportunity to introduce our bank to an even broader audience.”